MONTREAL, Nov. 16, 2012 /CNW Telbec/ - Astral Media Inc. (TSX:ACM.A ACM.B)
today issues a statement with respect to its acquisition by Bell. While it is
Astral's policy not to comment on market rumours or speculation, Astral today
confirms that it is in discussions with Bell to continue pursuing regulatory
approvals for Bell's acquisition of Astral, including, among other options,
the filing of an application with the Canadian Radio-television and
Telecommunications Commission (CRTC). The timing and details of any such
application have not yet been determined. The Company will keep its investors
informed of any significant developments in this respect.
The acquisition of Astral by Bell is subject to regulatory approval by the
CRTC and the Competition Bureau. As announced on October 25, 2012, Bell has
elected to postpone the Outside Date for an agreement to December 16, 2012,
and each of Bell and Astral has the right to further postpone the Outside Date
to January 15, 2013. There is no assurance that any transaction will occur or
occur with the terms and conditions currently contemplated.
This press release contains certain forward-looking statements concerning the
future performance of the Company, including, but not limited to, statements
relating to the proposed acquisition by BCE Inc. of all of the issued and
outstanding shares of the Company. These forward-looking statements are based
on current expectations. We caution that all forward-looking information is
inherently uncertain and actual results may differ materially from the
assumptions, estimates or expectations reflected or contained in the
forward-looking information, and that actual future performance will be
affected by a number of factors, including technological change, economic
conditions, regulatory change, competitive factors and changes in accounting
rules or standards, many of which are beyond the Company's control. We
disclaim any intention or obligation to update or revise any forward-looking
statements. The completion of the above-mentioned proposed transaction is
subject to customary closing conditions, termination rights and other risks
and uncertainties including, without limitation, any required regulatory
approvals, including approval by the CRTC and the Competition Bureau.
Accordingly, there can be no assurance that the proposed transaction will
occur, or that it will occur on the terms and conditions contemplated in this
news release. The proposed transaction could be modified, restructured or
Founded in 1961, Astral is one of Canada's largest media companies. It
operates several media properties - pay and specialty television, radio,
out-of-home advertising and digital - that are among the most popular in the
country. Astral plays a central role in community life across the country by
offering diverse, rich, and vibrant programming that meets the tastes and
needs of consumers and advertisers alike. To learn more about Astral, please
Olivier Racette Advisor, Corporate Communications Astral Media Inc.
Robert Fortier Vice-President, Finance and Chief Financial Officer Astral
Media Inc. 514-939-5000
SOURCE: ASTRAL MEDIA INC.
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-0- Nov/16/2012 16:33 GMT
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